Whistleblower News: SEC Whistleblower, NJ False Claims Act, Realtors Antitrust
SEC Awards Whistleblower Over $900,000
The Securities and Exchange Commission today announced an award of over $900,000 to a whistleblower who identified securities law violations occurring overseas. The whistleblower's timely and important information resulted in a significant expansion of an ongoing investigation.
The SEC has awarded more than $721 million to 114 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. read more »
How did an alleged $15 million fraud scheme go on for years without NJ Transit knowing?
Praise from beleaguered NJ Transit commuters swept through a small corner of Twitter on Monday after news broke about New Jersey Attorney General Gurbir Grewal intervening in a whistleblower lawsuit. The state's most powerful attorney accused Academy Bus of carrying out a $15 million fraud scheme over missed bus trips it was contracted to run by NJ Transit. read more »
Justice Department Files Antitrust Case and Simultaneous Settlement Requiring National Association of Realtors® To Repeal and Modify Certain Anticompetitive Rules
The Department of Justice today filed a civil lawsuit against the National Association of REALTORS® (NAR) alleging that NAR established and enforced illegal restraints on the ways that REALTORS® compete.
The Antitrust Division simultaneously filed a proposed settlement that requires NAR to repeal and modify its rules to provide greater transparency to home buyers about the commissions of brokers representing home buyers (buyer brokers), cease misrepresenting that buyer broker services are free, eliminate rules that prohibit filtering multiple listing services (MLS) listings based on the level of buyer broker commissions, and change its rules and policy which limit access to lockboxes to only NAR-affiliated real estate brokers. If approved, the settlement will enhance competition in the real estate market, resulting in more choice and better service for consumers. read more »